Cormark Cuts Bank of Nova Scotia (TSE:BNS) Price Target to C$65.00

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) had its target price lowered by Cormark from C$68.00 to C$65.00 in a report released on Tuesday, BayStreet.CA reports. The brokerage currently has a market perform rating on the bank’s stock. Cormark also issued estimates for Bank of Nova Scotia’s FY2024 earnings at $6.62 EPS and FY2025 earnings at $6.91 EPS.

BNS has been the subject of several other research reports. Canaccord Genuity Group increased their price target on Bank of Nova Scotia from C$70.00 to C$71.00 and gave the company a hold rating in a report on Wednesday, May 29th. CIBC lifted their price target on Bank of Nova Scotia from C$64.00 to C$68.00 and gave the stock a neutral rating in a report on Wednesday, May 29th. TD Securities upped their price objective on shares of Bank of Nova Scotia from C$68.00 to C$69.00 in a report on Thursday, August 8th. Jefferies Financial Group lifted their target price on shares of Bank of Nova Scotia from C$64.00 to C$65.00 and gave the stock a hold rating in a research note on Monday, August 12th. Finally, UBS Group set a C$67.00 price target on shares of Bank of Nova Scotia and gave the company a neutral rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the company’s stock. According to MarketBeat.com, Bank of Nova Scotia presently has an average rating of Hold and an average target price of C$66.57.

Bank of Nova Scotia Stock Down 0.1 %

Bank of Nova Scotia stock opened at C$64.68 on Tuesday. The company has a fifty day simple moving average of C$63.34 and a 200-day simple moving average of C$64.76. The firm has a market capitalization of C$79.56 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.33 and a beta of 0.96. Bank of Nova Scotia has a 52-week low of C$55.20 and a 52-week high of C$70.40.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last posted its quarterly earnings results on Tuesday, May 28th. The bank reported C$1.58 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.55 by C$0.03. The firm had revenue of C$8.35 billion for the quarter, compared to analyst estimates of C$8.32 billion. Bank of Nova Scotia had a net margin of 26.43% and a return on equity of 9.91%. On average, research analysts anticipate that Bank of Nova Scotia will post 7.0108696 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Monday, July 29th were issued a dividend of $1.06 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $4.24 annualized dividend and a yield of 6.56%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 70.55%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.